Latest Ratios: P/E Ratio 7.9x · EV/EBITDA 3.6x · ROE 16.3%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $69M | $138M | $56M | $78M | $65M | $495M | $434M | $175M | $98M | $30M | — |
| Enterprise Value | $32M | $100M | $7M | $7M | $-37437820 | $389M | $357M | $151M | $64M | $-56892336 | — |
| P/E Ratio → | 7.93 | 15.53 | — | 3.42 | — | — | — | — | — | — | — |
| P/S Ratio | 1.16 | 2.31 | 1.16 | 0.75 | 1.34 | 161.12 | 46.52 | 9.63 | 24.81 | 15.36 | — |
| P/B Ratio | 1.19 | 2.33 | 1.21 | 0.73 | 0.86 | 5.60 | 3.29 | 2.34 | 0.85 | 0.36 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.68 | 0.15 | 0.07 | -0.77 | 126.84 | 38.23 | 8.29 | 16.22 | -28.75 | — |
| EV / EBITDA | 3.57 | 11.34 | — | 0.33 | — | — | — | — | — | — | — |
| EV / EBIT | — | 11.34 | — | 0.27 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | -101.7% | 50.4% | 100.0% | 100.0% | -618.1% | -262.5% | -754.4% | -1560.9% | -7760.6% |
| Operating Margin | -0.0% | -0.0% | -152.9% | 20.7% | -86.9% | -2865.5% | -847.9% | -348.4% | -1079.3% | -2108.6% | -9916.7% |
| Net Profit Margin | 14.4% | 14.4% | -142.9% | 22.0% | -95.5% | -2923.6% | -839.0% | -335.7% | -1050.5% | -2329.3% | -7609.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 16.3% | -89.6% | 24.9% | -56.5% | -81.5% | -75.8% | -63.9% | -41.3% | -100.6% | -835.2% |
| ROA | 9.6% | 9.6% | -46.8% | 14.8% | -31.4% | -55.3% | -60.3% | -51.8% | -37.5% | -86.0% | -243.4% |
| ROIC | -0.2% | -0.2% | -327.2% | 336.4% | — | -349.9% | -113.0% | -71.6% | -80.1% | — | — |
| ROCE | -0.0% | -0.0% | -71.0% | 17.3% | -33.0% | -60.4% | -72.4% | -64.5% | -42.4% | -90.5% | -873.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.05 | 0.09 | 0.08 | 0.06 | 0.07 | — | — | — |
| Debt / EBITDA | 0.33 | 0.33 | — | 0.25 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.63 | -1.05 | -0.66 | -1.35 | -1.19 | -0.59 | -0.32 | -0.29 | -1.02 | -1.62 |
| Net Debt / EBITDA | -4.23 | -4.23 | — | -3.24 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -16.82 | -45.27 | — | — | -141.27 | -137.72 | — |
Net cash position: cash ($40M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.59 | 7.59 | 2.19 | 3.53 | 5.04 | 8.46 | 9.70 | 3.58 | 9.37 | 10.70 | 1.72 |
| Quick Ratio | 7.59 | 7.59 | 2.19 | 3.53 | 5.25 | 8.46 | 9.70 | 3.58 | 10.08 | 11.29 | 1.72 |
| Cash Ratio | 4.54 | 4.54 | 1.08 | 2.05 | 5.04 | 7.84 | 8.85 | 3.08 | 9.37 | 10.70 | 1.49 |
| Asset Turnover | — | 0.87 | 0.43 | 0.57 | 0.39 | 0.02 | 0.06 | 0.17 | 0.03 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 155.42 | 399.23 | 178.30 | 8.14 | 314.00 | — | 206.08 | 119.46 | 542.80 | 331.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.6% | 6.4% | — | 29.3% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $59M | $54M | $53M | $38M | $31M | $22M | $18M | $16M | $3M | $7M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying SPRO stock.
Spero Therapeutics, Inc.'s current P/E ratio is 7.9x. The historical average is 9.5x. This places it at the 50th percentile of its historical range.
Spero Therapeutics, Inc.'s current EV/EBITDA is 3.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.8x.
Spero Therapeutics, Inc.'s return on equity (ROE) is 16.3%. The historical average is -52.0%.
Based on historical data, Spero Therapeutics, Inc. is trading at a P/E of 7.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Spero Therapeutics, Inc. has 100.0% gross margin and -0.0% operating margin.
Spero Therapeutics, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Binary Clinical Trial Dependency
Metrics are mathematically derived from official filings.
Valuation Disconnected From Operational Reality
As reported in financial statements, Spero’s P/S ratio of 2.19 reflects a market valuation that appears untethered from traditional earnings metrics, given the company's reliance on non-recurring milestone payments rather than a predictable, scalable commercial revenue stream for its clinical-stage anti-infective pipeline.
The current valuation multiples are largely academic, as the absence of forward P/E or EV/EBITDA metrics highlights the company's pre-commercial status. Investors should monitor whether the market is pricing in the potential of the GSK partnership or merely the liquidation value of the remaining cash, as the lack of recurring revenue makes standard valuation frameworks unreliable.
Capital Efficiency Impaired By R&D
Based on reported figures, Spero’s ROIC has exhibited extreme volatility, swinging from a positive 16.4% in 2025Q4 to a negative 54.0% in 2026Q1, which underscores the company's inability to consistently compound capital while navigating the high-cost, high-risk regulatory pathway for oral carbapenem development.
The erratic nature of these returns suggests that capital allocation is driven by the timing of milestone receipts rather than operational efficiency. This decay in returns on invested capital warrants further investigation into whether the company can achieve sustainable profitability without perpetual reliance on external, non-dilutive funding sources.
Working Capital Volatility Masks Burn
According to recent SEC filings, Spero’s DSO has fluctuated wildly, reaching 4,436 days in 2026Q1, which indicates that the company's working capital cycle is entirely dictated by the timing of partner-related milestone payments rather than standard commercial credit terms or operational inventory management.
The lack of meaningful inventory or accounts payable data suggests that the company is not functioning as a traditional industrial entity, but rather as a project-based R&D vehicle. This extreme DSO metric implies that cash inflows are lumpy and unpredictable, making it difficult to assess the underlying efficiency of the firm's core operations.
Liquidity Buffer Dependent On Milestones
Based on Spero's reported figures, the current ratio has surged to 10.50 in 2026Q1, yet this liquidity position appears fragile, as it is primarily supported by milestone-driven cash injections rather than a sustainable, self-funding operational model capable of weathering prolonged clinical trial delays.
While the high current ratio may suggest a comfortable short-term cushion, investors should monitor the company's cash burn rate, as the absence of recurring revenue means that liquidity can evaporate rapidly if clinical milestones are missed. The company's reliance on these non-recurring payments makes its liquidity position highly vulnerable to regulatory or trial-related shocks.
Misapplied Metrics Obscure True Risk
As reported in financial statements, the P/E ratio is the most commonly misapplied metric for Spero, as it erroneously suggests a level of earnings stability that does not exist for a company whose financial performance is entirely dependent on binary, non-recurring collaboration milestone payments.
Using P/E to evaluate Spero obscures the reality that the company is currently a clinical-stage R&D entity rather than a commercial pharmaceutical firm. Analysts should instead focus on the 'Net Cash Burn Rate' and the probability of success for the PIVOT-PO trial to better understand the company's true financial viability.